On December 4, 2017, Consolidated-Tomoka Land Co. responded to both a notice of intent to nominate 3 candidates for election to the Company’s board of directors, dated November 24, 2017, and a shareholder proposal dated November 13, 2017, received from Wintergreen Advisers, LLC. In the letter, the Company stated that it has initiated dialogue with Wintergreen Fund’s Board of Directors regarding conduct of Wintergreen Advisers and demanded withdrawal of nominations and shareholder proposal.